Broker: CGS International
Date of Report: November 14, 2025

Excerpt from CGS International report.

Report Summary

• Sasseur REIT reported a strong 3Q25, with tenant sales up 10.8% YoY, improved occupancy, and stable rental income, supported by successful marketing and asset enhancements.
• The REIT maintains a robust balance sheet with low gearing (25.5%), all debt in RMB for natural hedging, and no refinancing needs until FY28F; it is rated “Add” with a target price of S\$0.90, reflecting confidence in its resilient outlet mall segment and stable income structure.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgsi.com